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3p�i -tz <br /> B <br /> exHiBrr � <br /> ADDENDUM TO GRANT DEED <br /> RESTRICTIONS FOR AF�ORDABLE <br /> - OWNERSHIP HOUSING <br /> � 3426, 3436, 3446, 3456, 3466, 3476-3480; 3486 Rolison.Road and <br /> 11 g1 Haven Avenue, Redwood City, California <br /> (the "Propert�') <br /> • THE GRANT MADE BY, AND THE TtTLE` CONVEYED TO THE GRANTEE <br /> UNDER, THE GRANT DEED TO WHICH THIS ADDENDUM TO GRANT DEED <br /> RESTF�ICTIONS FOR AFFORDABLE OWNERSHIP HOUSING IS ATTACHED <br /> AND MADE EXPRESSLY SUBJECT TO THE TERMS AND PROVISIONS <br /> STATED IN THIS ADDENDUM TO GRANT DEED. <br /> I. This grant is made with the expr.ess understanding and requirement that <br /> the Peninsula Habitat for Humanity, Inc. ("Peninsufa HabitaY') will improrre or <br /> cause to be improved the Property hereunder granted by constructing or causing <br /> #he construction of thirty six (36) ownership residences thereon as affordable <br /> ownership housing for acquisition by certain purchasers who meet the <br /> qualifications herein set forth as "Eligible Households". <br /> II. Peninsula Habitat shall sell the' Propecty as affordable ownership housing <br /> for acquisition by purchasers who qualify as Eligibl.e Households, as herein <br /> , defined, with the express understanding that purchasers and owners who so <br /> � ' quafify as Eligible Households to purchase such housing are receiving a special <br /> and unique benefit by a not-for-profit organization, and that such owners are not <br /> entitled to receive any rights to equity or appreciation of value of the real properly <br /> sold to them. To facilitate the sale of the Property to such Efigible Households, <br /> Peninsula Habitat will be making or arranging for financing which will encumber <br /> the Property as an "all-inclusive" deed of trust (the "Peninsula Habitat Loan"), <br /> which will include in the loan obligation of the Peninsula Habitat Loan, the <br /> Restrictions for Affordable Ownership Housing to be secured •by a first deed of <br /> trust on the Property. As such, the sale, conveyance or other transfer of the <br /> Property by the Owner thereof, or the further encumbering of.the Property, is <br /> contrary �o the purpose and intention of the making available to said persons <br /> • who qualify as Eligible Households such affordable ownership housing, and the <br /> sale, transfer, conveyance, or further encumbrance thereof will frustrate the <br /> basic purposes for which the Property is to be sold to the owner. Therefore, in <br /> -1- <br /> Addendum - h5 � � <br /> FXS:fs <br /> 04/14/00 � <br />